Question

In December, a company had a beginning inventory of 5 units valued at $3.00 each. The...

In December, a company had a beginning inventory of 5 units valued at $3.00 each. The company uses FIFO as the inventory costing method. What is the ending inventory when the company had the following transactions

12/2 purchased 10 units at $4.50 each

12/5 sold 8 units for $7.00 apiece

12/10 purchased 13 units for $5.00 each

12/20 sold 15 units at $8.00 apiece

12/26 purchased 8 units for $5.30 each

Homework Answers

Answer #1

*In FIFO method the units that have purchased first (earliest), are released the first one and the ending inventory
units remain from the last (recent) purchases.
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Klump Co. Klump Co. uses a perpetual inventory system and had the following inventory transactions for...
Klump Co. Klump Co. uses a perpetual inventory system and had the following inventory transactions for the month of June. June 1 On hand, 50 units at $18.00 each $ 900.00 4 Purchased 115 units at $18.20 each 2,093.00 5                Sold 100 units 10 Purchased 75 units at $18.25 each 1,368.75 24                Sold 50 units Total cost of goods available for sale $4,361.75 30 On hand, 90 units Refer to the information provided for Klump Co. If the company uses...
Desert Company has a beginning balance in inventory of 400 units at $4.20 per unit. A...
Desert Company has a beginning balance in inventory of 400 units at $4.20 per unit. A record of transactions for the month of May was as follows: Purchases Sales May # Cost May # Price 4 1,300 $4.10 3 200 $7.00 8 800 $4.30 6 1,000 $7.00 14 700 $4.40 12 900 $7.50 22 1,200 $4.50 18 400 $7.50 29 500 $4.55 25 1,400 $8.00 Calculate Ending Inventory in dollars using an Average Cost Periodic inventory costing system. Round to...
Klump Co. uses a perpetual inventory system and had the following inventory transactions for the month...
Klump Co. uses a perpetual inventory system and had the following inventory transactions for the month of June. June 1 On hand, 50 units at $18.00 each $ 900.00 4 Purchased 115 units at $18.20 each 2,093.00 5                Sold 100 units 10 Purchased 75 units at $18.25 each 1,368.75 24                Sold 50 units Total cost of goods available for sale $4,361.75 30 On hand, 90 units Refer to the information provided for Klump Co. If the company uses the FIFO...
Ferris Company began January with 4,000 units of its principal product. The cost of each unit...
Ferris Company began January with 4,000 units of its principal product. The cost of each unit is $6. Merchandise transactions for the month of January are as follows: Purchases Date of Purchase Units Unit Cost* Total Cost Jan. 10 3,000 $ 7 $ 21,000 Jan. 18 4,000 8 32,000 Totals 7,000 53,000 * Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 2,000 Jan. 12 1,000 Jan. 20 3,000 Total 6,000 5,000 units were on...
ABC Company had the following balances and transactions during 2009. Beginning inventory 10 units at $70...
ABC Company had the following balances and transactions during 2009. Beginning inventory 10 units at $70 per unit March 6 purchased 9 units for $71 per unit March 10 sold 8 units for $100 per unit June 10 purchased 20 units for $81 per unit October 30 sold 15 units for $100 per unit Operating expenses for 2009 was $345 in total. What is total operating income for 2009 if the perpetual FIFO costing method is used?
Bill’s Bakery began the month of August with 50 units of inventory valued at $8 per...
Bill’s Bakery began the month of August with 50 units of inventory valued at $8 per unit. Bill’s purchased another 70 units paying $567 in total. Bill’s purchased more units for $8.65 each paying a total of $259.50. During August, Bill’s sells 140 units at a price of $15 each. Determine the number of units, cost per units and total costs for the inventory available for sale. Determine Bill’s Revenue for the month of August. Assuming Bill’s uses the weighted-average...
Evans Company had the following information for the year ending December 31: Beginning inventory: 210 Units...
Evans Company had the following information for the year ending December 31: Beginning inventory: 210 Units $45 Unit Cost Purchase April 6: 360 Units $43 Unit Cost Sale May 4: 260 Units    Purchase July 19: 480 units $42 unit cost Sale: September 9: 380 units Purchase: October 10: 100 units $39 unit cost Evans uses the perpetual inventory system and the FIFO method. Required: Using FIFO (a) Compute the cost of ending inventory. (b) Compute the cost of goods...
A. Topeka Merchandising Company uses a perpetual inventory system. During the month of August, it had...
A. Topeka Merchandising Company uses a perpetual inventory system. During the month of August, it had the following purchase and sales transactions. Date Activities Units Acquired At Cost Units Sold at Retail 8/1 Beginning inventory 100 units @$10/unit 8/5 Purchase 40 units @$12/unit 8/10 Sales 60 units @$30/unit 8/15 Purchase 70 units@$13/unit 8/25 Sales 50 units @$35/unit Totals 210 units 110 units Calculate the Costs of Goods Sold for the month of August, if Topeka Merchandising Company uses FIFO cost...
Days Inn uses a perpetual inventory system. On November 1, the company had 80 units in...
Days Inn uses a perpetual inventory system. On November 1, the company had 80 units in opening inventory costing $10 each. The following buying and selling activity occurred for the month of November: November 4: Purchased 120 units costing $11 each November 9: Sold 135 units November 16: Purchased 130 units costing $14 each November 27: Sold 100 units The selling price per unit is $15. Round all answers to 2 decimal places. REQUIRED: Complete the worksheet using the FIFO...
The Wright Company recorded the following inventory information during the month of October: UNITS UNIT COST...
The Wright Company recorded the following inventory information during the month of October: UNITS UNIT COST TOTAL COST UNITS ON HAND Balance on October 1 2,000 $1.00 $2,000 2,000 Purchased on October 8 1,200 $3.00 $3,600 3,200 Sold on October 20 1,500 1,700 Purchased on October 22 2,000 $4.00 $8,000 3,700 Sold on October 28 2,200 1,500 Purchase on October 29 1,000 $5.00 $5,000 2,500 Part B: Using the partially computed tables on the next three pages, compute the cost...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT